I have the newer model, heres how I set it up. Turn the brakes off then adjust the spool tension knob until the bait falls slowly, then set your brakes around 2/3 to 1/2. I take the mag brake mark for when the brakes are off and set it to the opposite of that mark.
I keep the brakes at that setting but every cast I take I slowly dial back the spool tension knob until I find that smooth sweet spot (usually a click or two after the side to side play is eliminated) , I don't like the feeling of the tight spool from the tension knob when retrieving. Start tight and loosen it up as you go. I haven't had any backlash problems but I usually use lures 3/8 and up.
